Building a Monopoly Style Monopoly

Lately I've been listening to podcasts while I'm driving to and from the farmers market, doctors appointments, and work. It seems like a slightly more profitable way to use that down time and I can usually find something encouraging to listen to. Most recently I stumbled across a podcast from Seth Godin. I had heard of him before through a variety of sources so I decided to give his new podcast (actually segments from a lecture) a try. So far so good ...

But, what struck me was this quote, "Every successful business has a monopoly ... has a monopoly on what it makes that someone else can't make the way they make it. That leaves out commodity businesses ..." (he also said that he was thankful for commodity businesses because they produce things that we all need) And, I really like this quote, "Brilliant entrepreneurship is around figuring out that thing that you can do that's in the marketplace that people are willing to cross the street to get. That people understand that this is the one and I need it."

The whole episode was interesting, but those were two keys that I took away and really made me think about the farm and marketing for the farm. To be blunt ... my prices are higher than those at the supermarket. Sometimes they are quite a bit higher and other times they are only slightly higher. But, what I realize and what my customers realize is that comparing our woodlot raised heritage breed meats with those that come in a frozen tube in the freezer case or on a styrofoam plate in the cooler aisle is not comparing two equal things. Sure, they are similar in the fact that they are both meat products ... and there are plenty of people that would argue with me saying that there is no difference between the two. But, when it comes down to it I'm not raising and selling a commodity ... I'm working to raise something, "that someone else can't make the way" I make it!

Another important thing to realize that even within my own "community" of farms (other farms doing something similar to mine) I have to offer something that encourages people to "cross the street to get". At the Downtown Des Moines Farmer's Market I'm one of multiple people raising pork, beef, lamb, and poultry products. So, the question I continually ask myself is how do I make the farm stand out? Of course I continually work to offer up great tasting meats, but what else can I do?

A couple of things that I've worked to focus on is building relationships (the market and things like the farm crawl are great for that) and raising rare or heritage breeds. I'd love to hear more thoughts on these topics, and you can be sure that I'll continue listening to the podcasts as long as they are released ...